JMB’s $115 Million Bid for Bouchard Assets Bests Hartree Offer

July 20, 2021, 8:06 PM

JMB Capital Partners Lending LLC won a bankruptcy auction with a bid of $115 million for the bulk of barge operator Bouchard Transportation Co.'s assets, beating an opening bid from Hartree Partners LP, an attorney for JMB said.

Hartree’s $110 million stalking horse offer—setting a floor price for a large swath of Bouchard’s barges and tug boats—was bested during an auction Monday afternoon, JMB attorney Robert Hirsh of Lowenstein Sandler LLP confirmed to Bloomberg Law on Tuesday.

Hartree, an affiliate of Oaktree Capital Management LP, is entitled to a $3.3 million break-up fee, according to papers filed July 18 ...

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